Lazard’s Quarterly Review of Shareholder Activism: Q3 2017

Lazard’s Quarterly Review of Shareholder Activism compiles and analyzes data on key activism trends globally.



Key observations from the third quarter of 2017 include:


Activists continue to deploy record amounts of capital in 3Q 2017, leveraging their credibility with traditional investors to attack the largest companies globally


Activist campaigns continue to result in CEO turnover, an ongoing theme throughout 2017


As activists pursue larger and better-resourced targets, companies have shown a willingness to fight back


Passive managers, continuing to win the lion’s share of equity fund flows, have used their expanding influence to voice their priorities for corporate governance


Proxy season developments included institutional investor pushback against dual share classes and further adoption of proxy access


Additional highlights from the review:


M&A remains a focal point for shareholder activist pressure 


US activists are allocating more capital to European campaigns


2017 activist campaign activity is in line with 2016 pace


Board representation remains a frequent goal of campaigns, with activists obtaining seats at a pace that tracks 2014-15 levels and several seats currently play


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